Tesla secures US$565mil loan

  • Business
  • Monday, 11 May 2020

SHANGHAI: Electric carmaker Tesla Inc has entered into an agreement for a working capital loan of up to 4 billion yuan (US$565.51mil) with a lender from China for its Shanghai car plant, according to a regulatory filing on Friday.

The loan, which will be provided by Industrial and Commercial Bank of China Ltd, will be used only for expenditures related to production at the Shanghai plant, the filing said.

The factory is Tesla’s first car manufacturing site outside the United States and is the centrepiece of its ambitions to boost sales in the world’s biggest auto market and to avoid higher import tariffs imposed on US-made cars. — Reuters

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